• INMA Chapter 10 INMA Chapter 10 Transitional

    • INMA 10.1.1 Definitions for Chapter 10

      modification means a declaration by the Regulatory Authority under FSR, article 16 (1) (a).

      PIIB means the Investment and Banking Business Rules 2005 (as in force immediately before 1 January 2015).

      PIIB category 3 and PIIB category 4 have the same respective meanings as in PIIB.

      waiver means a declaration by the authority under FSR, article 16 (1) (b).

      Derived from QFCRA RM/2014-4 (as from 1st January 2015).

    • INMA 10.1.2 Authorised firms to remain authorised

      An entity that was an authorised firm in PIIB category 3 or PIIB category 4 immediately before 1 January 2015 continues to be an authorised firm. The firm’s authorisation (including any condition) continues in effect according to its terms.

      Derived from QFCRA RM/2014-4 (as from 1st January 2015).

    • INMA 10.1.3 INMA 10.1.3 Modifications and waivers

      (1) A modification of a provision of PIIB that was in effect immediately before 1 January 2015 continues to have effect, according to its terms, as a modification of the provision of these rules corresponding as nearly as possible to the provision of PIIB.
      (2) A waiver of a provision of PIIB (other than a waiver in relation to an authorised firm that is a branch, the effect of which was that the firm was not required to hold capital) that was in effect immediately before 1 January 2015 continues to have effect, according to its terms, as a waiver of the provision of these rules corresponding as nearly as possible to the provision of PIIB.
      Derived from QFCRA RM/2014-4 (as from 1st January 2015).

      • INMA 10.1.3 Guidance

        A waiver the effect of which was that an authorised firm was not required to hold capital lapsed on 1 January 2015 if the firm is a branch, because there is no requirement under these rules for a branch to hold capital.

        Derived from QFCRA RM/2014-4 (as from 1st January 2015).

    • INMA 10.1.4 Power of Regulatory Authority not diminished

      Nothing in this Chapter prevents the Regulatory Authority from withdrawing a firm’s authorisation or revoking a condition, waiver or modification.

      Derived from QFCRA RM/2014-4 (as from 1st January 2015).